software solution for audio processing?

Is there really no software out there which can do the job of an outboard audio processor like the Alpine H701 or the DEQX? I.e. time alignment, crossovers, parameteric and graphic EQ per channel for at least 8 channels? I know there are 8+ channel sound cards out there, but it seems that the software is seriously lacking.

Look into M-Audio sound cards. They have many multi-channel usb cards with lots of audio control. You can usually re-route any channels to whatever you want, they sound amazing, and you can adjust alot more than other brands.

I've looked at the manuals for a bunch of the M-Audio cards... they provide the minimum amount of processing control needed to run a surround sound setup, but nothing more. Damn. I can't believe there's a market for $400 programs to generate wa-wa effects, but nothing to let a computer power an actively crossed-over speaker setup via analog outs to amplifiers. Is there no setup outside of a car where people are using speakers that crossover above 150hz?

You can try the audiotrak cards,with them you can apply any vst pluginyou want per channel.Vst are the plugin used by professional sound programs.
Or you can try esi the professional line of the same company,i have currently this card and sound awesome(but it require lots of power from the psu):http://www.esi-pro.com/viewProduct.php?pid=2&page=1